THE 15th century Mercure Perth Hotel is set to undergo a refurbishment.
Savills, on behalf of a private client, announced it has completed the sale of the long leasehold of the hotel to S Hotels and Resorts plc, owner of Jupiter Hotels, off a guide price of £2.25 million. The property has an unexpired long leasehold term of 46 years.
The Mercure Perth Hotel is a converted watermill comprising 76 bedrooms, restaurant, bar and conferencing facilities.
Dirk De Cuyper, CEO of S Hotels and Resorts plc, the Thai-based hotelier who owns Jupiter Hotels, said, “The Mercure Perth is a key location and an important part of our portfolio in the UK, we are delighted to have recently acquired the headlease. We will now be embarking on a refurbishment programme that will include the 76 guest bedrooms and the public areas of the hotel.”
Steven Fyfe, associate director in the hotel capital markets team at Savills Glasgow, added, “Having operated from the location for 23 years we are delighted to complete the sale of the long leasehold to Jupiter Hotels. Perth is an established tourist destination which has benefited from the rise of staycations within the UK, making this an extremely attractive acquisition.”